Hardman - Top Bargain quotes Quentin Cameron's Oil

HARDMAN RESOURCES (HDR) Direct quote from Quentin Cameron's Oil and Gas Bulletin

The bulletin had little choice than to make HDR its
TOP BARGAIN after some of the interesting things
it has been hearing about Chinguetti from what it
believes are reliable sources. Firstly, that if the
rather ordinary oil flow rate from the first
production test, which was through a just under ½
inch choke, is converted to an equivalent flow
through standard 8 inch production tubing, the
converted flow rate works out at more than 30,000
barrels a day. When the bulletin queried this figure
it was told to check it out with any engineer, and
they would confirm it. Furthermore, that when the
sand intake was controlled, a 30% greater flow rate
could be expected. The source spoke of flows as
high as 50,000 barrels day. Further intelligence is
that the wildcat planned as the second well in the
current drilling programme is to be bypassed in
favour of a second Chinguetti appraisal, with a
probable spud date of Sept. 17, which could add a
further 50 million barrels of recoverable reserves to
the current minimum estimate of 120 million barrels,
if the same sands are present. On the corporate
front, the talk is that Woodside wants to increase its
stake in Hardman from the present 11% to around
30%, and that a share price of $2.50 is not beyond
the realms of probability for Hardman a little further
down the track. While the bulletin is sure most
subscribers will laugh at these figures, it still feels
they should be passed on. How they treat them is
naturally completely up to themselves, but it just
could be that the market is badly misreading the
situation.